If you own a small business, you need a good Bookkeeper. Many start-ups, as well as existing business owners, tend to neglect this aspect of their business by the end of the year (EOFY).
According to the law, each company must maintain accurate and up-to-date records.
I cannot emphasize the importance of organizing your accounts from the beginning, implementing and using simple Bookkeeper software that meets your needs.
Here are six helpful tips to help you track down and reduce stress during the EOFY:
Give time each week and devote to accounting
It is very important to be upstairs. Regular exams will help you find out how your business is going and check cash flow.
Open a new bank account for your corporate income and expenses.
It is important to separate personal transactions from commercial transactions. Over time, you can apply for a professional credit card and apply the same conditions.
Get accounting software that meets the needs of your business.
If you do not know which software to choose, you can contact a business consultant or Bookkeepers Melbourne who can advise you better before buying. We prefer to use MYOB accounting solutions.
With cloud-based software, one of the key benefits is that you can access your financial data anywhere and anytime or ask your accountant or accountant to check your information.
Your files will always be copied regularly in the cloud. However, do not forget to keep backups of your financial data as an additional security measure. With desktop software, you must back up your files regularly.
Obtain all tax and compliance obligations
All companies must register with ABN and if the turnover exceeds $ 75,000, it is necessary to request GST registration. You must also keep receipts for all acquisitions to claim your expenses.
If you hire employees, you must register to retain your wages. Here you pay the employees and deduct the tax on your behalf. You must also complete and request a monthly / quarterly business at the ATO.
With the help of an adequate Bookkeeper and configuration software you can get this information at your fingertips. So create systems that will help you simplify and automate business processes to be compatible.
Keep your receipts
ATO is required to keep records for at least five years.
Voices to be saved and available on request:
- Invoices and receipts provided for sales or services provided by your company.
- Invoices for goods, services, or other business acquisitions purchased for your business.
- Payments made to employees and other organizations on their behalf, such as pension funds and taxes on taxes.
- All financial statements, including the income statement and the financial statements.
- Information on the tax return.
- Bank accounts and credit card statements
- Inventories are recorded at the end of the financial year and in the balance sheet, etc.
- Everything else has a monetary value for the company
You can create digital files on your computer to store this information or keep a well-organized book.
Or get a good accountant
As your business grows, you may need to hire a major Bookkeeper, bearing in mind that even this service is not taxed.
Recruiting an accountant helps you focus on developing your business, making sure your records are up to date.
For more info: http://www.bookkeeperco.com.au